NFL legend Steve Young made over $49M but drives a 2011 Toyota: Why his father’s advice is a lesson in smart money management for all Canadian car owners

“This is a car that the kids all grew up in,” he told Bensinger. “My youngest Laila — that seat over there with the camera is the seat that she won’t give up. That’s her seat for life … she’s like, ‘No, I love this car [and] how it smells.’”

Surprisingly, multimillionaires driving modest cars is less unusual than some might think.

Millionaires and modest drives

Despite common stereotypes, many wealthy Canadians aren’t cruising around in exotic supercars. A 2024 Canadian automotive study by YouGov shows manufacturers such as Toyota, Ford and Honda are top choices even among higher-income households, based on surveys of over 12,000 Canadians. Canadian vehicle marketplace AutoTrader also backs this claim, reporting vehicles with the most searches and sales include the Ford F-150, Toyota RAV4 and Honda Civic — models widely purchased across income levels.

Even billionaires opt for relatively inconspicuous cars. Warren Buffett reportedly drives a Cadillac XTS — no Bugatti for the Oracle of Omaha.

In other words, most high-income earners who could splurge on luxury vehicles simply aren’t: AutoTrader data shows a drop in luxury car purchases to their lowest since 2019, with a clear shift toward practicality and affordability with mainstream models.

Meanwhile, many everyday buyers are stretching their budgets. A 2024 CDK Global study found 56% of car buyers are maxing out their budgets, and 7% are exceeding their limits. Other surveys also show a tight squeeze: 56% of Canadians have delayed or cancelled at least one major purchase, while 70% say their monthly payments are beyond their comfort level.

For many, the family car is becoming a significant financial burden. Here’s how you can avoid a growing auto loan crisis.

Drive smart

For most consumers, cutting transportation costs is one of the most effective ways to improve their finances. According to a 2025 report by Statistics Canada, transportation is the second-largest expense for the average Canadian household at 15.8%, followed by food spending at 15.7%.

One way to reduce this expense is by purchasing a car that’s within — or even below — your means. Buying a used car, for example, helps you avoid significant depreciation and can substantially lower transportation costs. According to the Q2 2025 AutoTrader Price Index, the average used car costs over $20,000 less than a new model.

To figure out whether a vehicle fits your budget, consider the 20/4/10 rule:

• Put at least 20% down.
• Choose a loan term of no more than four years.
• Keep all car-related expenses below 10% of your gross income.

By setting up firm financial guardrails, you can avoid the auto loan debt trap many consumers drive into.

Sources

1. Sportrac: Steve Young

2. YouTube: 2x MVP Steve Young's $$$ Secret: I love my 2011 Toyota Sienna (Feb 5, 2025)

3. YouGov: Canada automotive rankings report 2024 (Sept 17, 2024)

4. AutoTrader: Canadians Are Seeking Aspirational Vehicles, Yet Buying Practically (Dec 11, 2023)